Nifty Futures opened around 5915 but could not cross our monthly support level of 5936.50 as high was nearly the same at 5937. Futures made low at 5905 and closed shops at 5919.70. The day range was of consolidation at lower levels as we did not breach 5900 low made earlier on Friday. The resistance of 5936.50 if crossed and sustained we may see recovery for futures. The momentum on the upside will depend on the break of 6028 on the upside. The levels below 5900 low are 5887.30 and 5838.25. The rise of approximately 1400 points from 4770 to 6157 is significant. The major breakout could happen only above 6187 levels on the futures. On charts we have broken the rising channel and the aqua line which is bad for the trend followers. Also both the indicator have broken the rising trend-line support. MFI has reached the May 2012 levels and needs to be watched for any reversal . Futures should move above the aqua line and stay put above it for confirmation of reversal. Intraday traders can use the same levels for yesterday given below on spot nifty.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5884 and 5923(To avoid whipsaws)
Buy above 5923 sl of 5903
targets 5942-5961(add positions, breakout on the upside),
5980-5999-6018-6037-6056.
Sell below 5884 sl of 5904
targets 5865-5846(add positions,breakout on the downside)
5827-5808-5789-5770-5751.
Happy Trading !!!
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